About Kaufman & Kaufman Law Offices
We are a Orange County debt relief agency. Law Offices of Kaufman & Kaufman
714-550-9305. We help people file for bankruptcy relief in Orange County under the Bankruptcy Code." SAME DAY FILING: Electronic filing is now available to file your petition as soon as it is signed. .Get creditors off your back and get a fresh start.
WE DO NOT USE PARALEGALS: At the law offices of Kaufman & Kaufman you will speak directly with the attorney who will handle your case from beginning to end. We are one of the oldest and best Bankruptcy law firms in Orange County, and have been proudly serving Southern California since 1983. Please call the Law Offices of Kaufman & Kaufman today at (714) 550-9305 to schedule your free consultation with an attorney to discuss . What is Bankruptcy?
Filing Bankruptcy is one way to obtain a judicial determination of which assets of a debtor can and can not be executed to enforce a judgment (or, in the case of bankruptcy, any claim, even if not yet reduced to a judgment).
There are several types of Bankruptcty proceedings
BANKRUPTCY CHAPTERS AVAILABLE TO INDIVIDUALS
CHAPTER 7 (Liquidation):
Non-exempt assets (see exemptions) of a debtor may be sold (liquidated) for the benefit of creditors. In most individual cases all of the debtors assets would be exempt from liquidation. This is a "No Asset" case.
CHAPTER 13 (Adjustment of Debts--Individual):
The debtor proposes a plan, requiring Court approval (confirmation), whereby the debtor submits a budget, together with a plan (Wage-earner plan) proposing how they will use their best efforts to apply non-essential income to paying down their debts. There are several requirements which must be met before a Chapter 13 Plan will be confirmed by the Court.
CHAPTER 11 (Reorganization of Debts--Individual):
While Chapter 11 was written primarily with business entities in mind, it may be utilized in some circumstances for individuals, however this is extremely infrequent.
The goal of any type of personal bankruptcy (for an individual) is a FRESH START FINANCIALLY. This is achieved through the Bankruptcy Code by a discharge of their debts.
A "Discharge" simply means that those debts affected would become unenforceable by those creditors to whom those debts were owed.
Unenforceable means that those creditors are prohibited from using any method to collect upon those debts [phone calls, letters, lawsuits] or from enforcing judgments they may already have [taking wages, bank accounts, liens, etc.]. Such activities or procedures which have already begun would be stopped by the bankruptcy, and those done recently may be set aside or reversed.
Certain debts are not dischargeable:
1. Certain Taxes
2. Debts which were fraudulently incurred.
3. Creditor not notified in time to file a claim (if such a claim would otherwise result in a disbursement to that creditor)
4. Alimony/Child Support
5. Debts agreed to be paid in the course